Posts Tagged ‘vacancy’

Homeownership Up From 50-Year Low

Posted on August 09, 2017 by Laura Lam

The U.S. homeownership rate climbed in the second quarter, a signal that the sharp downward spiral that began after the housing crash is finally reversing.  The homeownership rate hit 63.7% in the second quarter, the Census Bureau said, a jump of nearly a full percentage point from a year ago, when it touched a 50-year low of 62.9%. The share of Americans who own homes has climbed steadily since then.  The homeownership rate also edged up from the first quarter, when it sat at 63.6%. “The damage the [2007-09] great recession has done to the homeownership rate is likely reversing course,” said…

Housing Still Faces Obstacles; Could Be ‘Engine of Growth’

Posted on June 28, 2016 by Laura Lam

The Joint Center for Housing Studies (JCHS) at Harvard University released its 2016 report on The State of the Nation’s Housing. Calling the housing sector “an engine of growth,” the study found that the need to replace old housing and to meet demand for vacation homes and other units, new housing construction should average “at least” 1.6 million units annually for the next decade. New home building faces some headwinds however. Tighter lending rules are one serious issue. Mortgage lenders have made essentially no loans to potential buyers with subprime credit scores (below 620) and have cut back sharply on loans to applicants…